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Rating Reports

Our comprehensive in-depth reports deliver expert insights into the regulatory, compliance, technology, and economic aspects of diverse digital assets across global jurisdictions.

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Rating Abstracts

Fixed Income

Mar 18, 2025

Particula Rating Abstract: Blockstream Mining Note (BMN2), March 2025

Particula assigns an AA- rating to the issuance of the Blockstream Mining Note (BMN2) token by Blockstream Mining as of March 5, 2025.*

Rating Reports

Fixed Income

Feb 17, 2025

Particula Rating Report: Wellington ($ULTRA), February 2025

Particula assigns an AA+ rating to the issuance of the Delta Wellington Ultra Short Treasury On-Chain Fund token ($ULTRA) by Delta Master Trust as of February 17, 2024.*

Rating Abstracts

Fixed Income

Jan 27, 2025

Particula Rating Abstract: SPIKO ($USTBL), January 2025

Particula assigns an AA rating to the issuance of the USTBL token by Spiko SICAV as of January 22, 2025.*

Rating Abstracts

Fixed Income

Nov 5, 2024

Particula Rating Abstract: Backed ($bIB01), September 2024

Particula assigns an A rating to the issuance of the bIB01 $ Treasury Bond 0-1 yr token by Backed as of September 18, 2024.*

Rating Reports

Fixed Income

Oct 1, 2024

Particula Rating Report: Anemoy ($LTF), September 2024

Particula assigns an A+ rating to the issuance of the Liquid Treasury Fund 1 ($LTF) token by Anemoy as of September 9, 2024, with a positive outlook.*

Rating Reports

Fixed Income

Apr 30, 2024

Particula Rating Report: Ondo Finance ($OUSG), April 2024

For the first time, Particula is opening up its digital asset risk assessment methodology by sharing one of its recent rating reports of the Ondo $OUSG token, which currently is assigned with a BB rating (speculative, high risk).

Latest News & Insights

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Andrew Wong Leads GRADE | Future of Tokenized Finance

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Press Releases

Nov 12, 2025

Letter from Andrew Wong, the Global Regulated Asset & Digital Exchange Alliance (GRADE) New Executive Director

I’m honored to announce that I’ll be serving as the inaugural Executive Director of the Global Regulated Asset & Digital Exchange Alliance (GRADE).

From MiCAR to VARA: Mapping Stablecoin Reserve Standards Worldwide » Particula - The Prime Rating Provider for Digital Assets

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Research Articles

Oct 23, 2025

From MiCAR to VARA: Mapping Stablecoin Reserve Standards Worldwide

At Particula, we view jurisdictional risk as a core component of our broader digital asset risk assessment framework.

Particula Hires Ex-Moody's Exec for Digital Asset Ratings

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Press Releases

Oct 30, 2025

Former Moody’s Ratings Executive Joins Particula to Redefine Ratings for the Digital Asset Era

Particula, the prime rating provider for tokenized assets, today announced that Andreas Naumann, former MD and Global Head of Relationship Management at Moody’s Ratings has joined the company as Senior Executive Advisor.

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